Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | WEYCO GROUP INC | |
Entity Central Index Key | 106,532 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | WEYS | |
Entity Common Stock, Shares Outstanding | 10,866,580 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash and cash equivalents | $ 13,095 | $ 12,499 |
Marketable securities, at amortized cost | 5,110 | 5,914 |
Accounts receivable, net | 43,582 | 55,100 |
Accrued income tax receivable | 1,255 | 0 |
Inventories | 85,960 | 69,015 |
Prepaid expenses and other current assets | 5,154 | 7,521 |
Total current assets | 154,156 | 150,049 |
Marketable securities, at amortized cost | 21,743 | 24,540 |
Deferred income tax benefits | 2,377 | 1,999 |
Property, plant and equipment, net | 32,523 | 33,694 |
Goodwill | 11,112 | 11,112 |
Trademarks | 34,748 | 34,748 |
Other assets | 21,090 | 21,304 |
Total assets | 277,749 | 277,446 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 18,124 | 5,405 |
Accounts payable | 7,195 | 15,657 |
Dividend payable | 0 | 2,045 |
Accrued liabilities | 14,214 | 12,752 |
Accrued income tax payable | 0 | 151 |
Deferred income tax liabilities | 1,992 | 1,747 |
Total current liabilities | 41,525 | 37,757 |
Long-term pension liability | 33,831 | 33,379 |
Other long-term liabilities | 2,687 | 8,356 |
Equity: | ||
Common stock | 10,866 | 10,821 |
Capital in excess of par value | 41,520 | 37,966 |
Reinvested earnings | 159,285 | 160,179 |
Accumulated other comprehensive loss | (18,699) | (18,030) |
Total Weyco Group, Inc. equity | 192,972 | 190,936 |
Noncontrolling interest | 6,734 | 7,018 |
Total equity | 199,706 | 197,954 |
Total liabilities and equity | $ 277,749 | $ 277,446 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 63,934 | $ 62,863 | $ 141,986 | $ 137,792 |
Cost of sales | 39,511 | 38,646 | 88,826 | 86,211 |
Gross earnings | 24,423 | 24,217 | 53,160 | 51,581 |
Selling and administrative expenses | 21,091 | 20,830 | 44,042 | 43,324 |
Earnings from operations | 3,332 | 3,387 | 9,118 | 8,257 |
Interest income | 236 | 306 | 496 | 595 |
Interest expense | (12) | (29) | (30) | (71) |
Other (expense) income, net | (348) | 75 | (626) | (40) |
Earnings before provision for income taxes | 3,208 | 3,739 | 8,958 | 8,741 |
Provision for income taxes | 1,123 | 1,238 | 3,281 | 2,990 |
Net earnings | 2,085 | 2,501 | 5,677 | 5,751 |
Net earnings attributable to noncontrolling interest | 45 | 294 | 4 | 339 |
Net earnings attributable to Weyco Group, Inc. | $ 2,040 | $ 2,207 | $ 5,673 | $ 5,412 |
Weighted average shares outstanding | ||||
Basic (in shares) | 10,801 | 10,822 | 10,785 | 10,827 |
Diluted (in shares) | 10,892 | 10,907 | 10,880 | 10,919 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.19 | $ 0.2 | $ 0.53 | $ 0.5 |
Diluted (in dollars per share) | 0.19 | 0.2 | 0.52 | 0.5 |
Cash dividends declared (per share) (in dollars per share) | $ 0.2 | $ 0.19 | $ 0.39 | $ 0.37 |
Comprehensive income | $ 2,454 | $ 3,143 | $ 4,720 | $ 6,597 |
Comprehensive income (loss) attributable to noncontrolling interest | 17 | 370 | (284) | 577 |
Comprehensive income attributable to Weyco Group, Inc. | $ 2,437 | $ 2,773 | $ 5,004 | $ 6,020 |
CONSOLIDATED CONDENSED STATEME4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 5,677 | $ 5,751 |
Adjustments to reconcile net earnings to net cash (used for) provided by operating activities - | ||
Depreciation | 1,738 | 1,888 |
Amortization | 222 | 151 |
Bad debt expense | 111 | 152 |
Deferred income taxes | (483) | 344 |
Net foreign currency transaction losses (gains) | 443 | (4) |
Stock-based compensation | 721 | 676 |
Pension contribution | (357) | (1,300) |
Pension expense | 1,874 | 1,106 |
Increase in cash surrender value of life insurance | (115) | (115) |
Changes in operating assets and liabilities - | ||
Accounts receivable | 11,407 | 7,236 |
Inventories | (17,000) | (143) |
Prepaid expenses and other assets | 2,678 | 2,514 |
Accounts payable | (8,450) | (7,541) |
Accrued liabilities and other | (5,759) | (998) |
Accrued income taxes | (1,411) | (1,953) |
Net cash (used for) provided by operating activities | (8,704) | 7,764 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | (600) | (7,427) |
Proceeds from maturities of marketable securities | 4,150 | 3,382 |
Life insurance premiums paid | (155) | (155) |
Purchases of property, plant and equipment | (958) | (725) |
Net cash provided by (used for) investing activities | 2,437 | (4,925) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (6,256) | (5,954) |
Shares purchased and retired | (2,421) | (1,249) |
Proceeds from stock options exercised | 2,512 | 608 |
Proceeds from bank borrowings | 75,935 | 33,999 |
Repayments of bank borrowings | (63,216) | (35,179) |
Income tax benefits from stock-based compensation | 451 | 37 |
Net cash provided by (used for) financing activities | 7,005 | (7,738) |
Effect of exchange rate changes on cash and cash equivalents | (142) | 152 |
Net increase (decrease) in cash and cash equivalents | 596 | (4,747) |
CASH AND CASH EQUIVALENTS at beginning of period | 12,499 | 15,969 |
CASH AND CASH EQUIVALENTS at end of period | 13,095 | 11,222 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 4,735 | 4,498 |
Interest paid | $ 30 | $ 46 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | Financial Statements In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three and six months ended June 30, 2015, are not necessarily indicative of the results for the full year. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 2,040 $ 2,207 $ 5,673 $ 5,412 Denominator: Basic weighted average shares outstanding 10,801 10,822 10,785 10,827 Effect of dilutive securities: Employee stock-based awards 91 85 95 92 Diluted weighted average shares outstanding 10,892 10,907 10,880 10,919 Basic earnings per share $ 0.19 $ 0.20 $ 0.53 $ 0.50 Diluted earnings per share $ 0.19 $ 0.20 $ 0.52 $ 0.50 Diluted weighted average shares outstanding for the three months ended June 30, 2015, exclude anti-dilutive stock options totaling 647,450 27.76 330,200 28.50 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | Investments As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments Debt and Equity Securities June 30, 2015 December 31, 2014 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 5,110 $ 5,684 $ 5,914 $ 6,006 Due from one through five years 12,408 12,539 14,398 15,204 Due from six through ten years 7,937 8,163 9,337 9,711 Due from eleven through twenty years 1,398 1,343 805 762 Total $ 26,853 $ 27,729 $ 30,454 $ 31,683 June 30, 2015 December 31, 2014 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 932 $ (56) $ 1,279 $ (50) The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Intangible Assets June 30, 2015 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (173) $ 27 Customer relationships 15 3,500 (1,011) 2,489 Total amortizable intangible assets $ 3,700 $ (1,184) $ 2,516 The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2014: December 31, 2014 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (153) $ 47 Customer relationships 15 3,500 (894) 2,606 Total amortizable intangible assets $ 3,700 $ (1,047) $ 2,653 The Company’s amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets (Unaudited). |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of its segments based on earnings from operations and accordingly, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the tables below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2015 Product sales $ 47,377 $ 5,021 $ 10,827 $ 63,225 Licensing revenues 709 - - 709 Net sales $ 48,086 $ 5,021 $ 10,827 $ 63,934 Earnings from operations $ 2,193 $ 489 $ 650 $ 3,332 2014 Product sales $ 44,106 $ 5,276 $ 12,834 $ 62,216 Licensing revenues 647 - - 647 Net sales $ 44,753 $ 5,276 $ 12,834 $ 62,863 Earnings from operations $ 1,739 $ 563 $ 1,085 $ 3,387 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2015 Product sales $ 107,825 $ 9,941 $ 22,816 $ 140,582 Licensing revenues 1,404 - - 1,404 Net sales $ 109,229 $ 9,941 $ 22,816 $ 141,986 Earnings from operations $ 7,004 $ 761 $ 1,353 $ 9,118 2014 Product sales $ 100,167 $ 10,482 $ 25,847 $ 136,496 Licensing revenues 1,296 - - 1,296 Net sales $ 101,463 $ 10,482 $ 25,847 $ 137,792 Earnings from operations $ 5,308 $ 980 $ 1,969 $ 8,257 |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employee Retirement Plans Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Benefits earned during the period $ 410 $ 240 $ 821 $ 631 Interest cost on projected benefit obligation 674 630 1,347 1,292 Expected return on plan assets (592) (598) (1,184) (1,171) Net amortization and deferral 445 156 890 354 Net pension expense $ 937 $ 428 $ 1,874 $ 1,106 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation Plans During the three and six months ended June 30, 2015, the Company recognized approximately $ 361,000 721,000 338,000 676,000 The following table summarizes the Company’s stock option activity for the six month period ended June 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2014 1,355,416 $ 25.36 Exercised (130,491) $ 19.26 Forfeited or expired (10,000) $ 26.72 Outstanding at June 30, 2015 1,214,925 $ 26.01 3.7 $ 4,633,000 Exercisable at June 30, 2015 472,018 $ 24.86 2.4 $ 2,339,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on June 30, 2015, the last trading day of the quarter, of $ 29.82 The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Total intrinsic value of stock options exercised $ 101 $ 59 $ 1,158 $ 96 Cash received from stock option exercises $ 363 $ 443 $ 2,512 $ 608 Income tax benefit from the exercise of stock options $ 39 $ 24 $ 451 $ 37 The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2015: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2014 54,050 $ 26.58 Issued - - Vested - - Forfeited - - Non-vested at June 30, 2015 54,050 $ 26.58 2.4 $ 1,612,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on June 30, 2015, the last trading day of the quarter, of $ 29.82 |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | Short-Term Borrowings At June 30, 2015, the Company had a $ 60 November 5, 2015 18.1 0.94 18.1 |
Contingent Consideration
Contingent Consideration | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Contingent Consideration Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (“Bogs”) related to the Company’s acquisition of Bogs in 2011. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. 1,270,000 Business Combinations The Company’s estimate of the fair value of the second contingent payment was approximately $ 5.7 The fair value measurement of the contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | Financial Instruments At June 30, 2015, the Company had foreign exchange contracts outstanding to sell $6.5 million Canadian dollars at a price of approximately $5.5 million U.S. dollars. Additionally, the Company’s majority-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $3.6 million U.S. dollars at a price of approximately $4.5 million Australian dollars. Based on quarter-end exchange rates, there were no significant gains or losses on the outstanding contracts |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 11. Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Net earnings $ 2,085 $ 2,501 $ 5,677 $ 5,751 Foreign currency translation adjustments 97 546 (1,500) 630 Pension liability, net of tax of $173, $61, $347, and $138, respectively 272 96 543 216 Total comprehensive income $ 2,454 $ 3,143 $ 4,720 $ 6,597 June 30, December 31, 2015 2014 (Dollars in thousands) Foreign currency translation adjustments $ (4,106) $ (2,894) Pension liability, net of tax (14,593) (15,136) Total accumulated other comprehensive loss $ (18,699) $ (18,030) Foreign Currency Translation Defined Benefit Pension Items Total Beginning balance, December 31, 2014 $ (2,894) $ (15,136) $ (18,030) Other comprehensive loss before reclassifications (1,212) - (1,212) Amounts reclassified from accumulated other comprehensive loss - 543 543 Net current period other comprehensive (loss) income (1,212) 543 (669) Ending balance, June 30, 2015 $ (4,106) $ (14,593) $ (18,699) Amounts reclassified from accumulated other Affected line item in the statement where net Amortization of defined benefit pension items Prior service cost $ (56) (1) Actuarial losses 946 (1) Total before tax 890 Tax benefit (347) Net of tax $ 543 (1) These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Accumulated Capital in Other Common Excess of Reinvested Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest (Dollars in thousands) Balance, December 31, 2014 $ 10,821 $ 37,966 $ 160,179 $ (18,030) $ 7,018 Net earnings - - 5,673 - 4 Foreign currency translation adjustments - - - (1,212) (288) Pension liability adjustment, net of tax - - - 543 - Cash dividends declared - - (4,231) - - Stock options exercised 130 2,382 - - - Stock-based compensation expense - 721 - - - Income tax benefit from stock options exercised - 451 - - - Shares purchased and retired (85) - (2,336) - - Balance, June 30, 2015 $ 10,866 $ 41,520 $ 159,285 $ (18,699) $ 6,734 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of earnings per share and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 2,040 $ 2,207 $ 5,673 $ 5,412 Denominator: Basic weighted average shares outstanding 10,801 10,822 10,785 10,827 Effect of dilutive securities: Employee stock-based awards 91 85 95 92 Diluted weighted average shares outstanding 10,892 10,907 10,880 10,919 Basic earnings per share $ 0.19 $ 0.20 $ 0.53 $ 0.50 Diluted earnings per share $ 0.19 $ 0.20 $ 0.52 $ 0.50 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Held-to-maturity Securities [Table Text Block] | Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of June 30, 2015, and December 31, 2014. June 30, 2015 December 31, 2014 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 5,110 $ 5,684 $ 5,914 $ 6,006 Due from one through five years 12,408 12,539 14,398 15,204 Due from six through ten years 7,937 8,163 9,337 9,711 Due from eleven through twenty years 1,398 1,343 805 762 Total $ 26,853 $ 27,729 $ 30,454 $ 31,683 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The unrealized gains and losses on investment securities at June 30, 2015, and at December 31, 2014, were as follows: June 30, 2015 December 31, 2014 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 932 $ (56) $ 1,279 $ (50) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2015 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (173) $ 27 Customer relationships 15 3,500 (1,011) 2,489 Total amortizable intangible assets $ 3,700 $ (1,184) $ 2,516 The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2014: December 31, 2014 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (153) $ 47 Customer relationships 15 3,500 (894) 2,606 Total amortizable intangible assets $ 3,700 $ (1,047) $ 2,653 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Summarized segment data for the three and six months ended June 30, 2015 and 2014, was as follows: Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2015 Product sales $ 47,377 $ 5,021 $ 10,827 $ 63,225 Licensing revenues 709 - - 709 Net sales $ 48,086 $ 5,021 $ 10,827 $ 63,934 Earnings from operations $ 2,193 $ 489 $ 650 $ 3,332 2014 Product sales $ 44,106 $ 5,276 $ 12,834 $ 62,216 Licensing revenues 647 - - 647 Net sales $ 44,753 $ 5,276 $ 12,834 $ 62,863 Earnings from operations $ 1,739 $ 563 $ 1,085 $ 3,387 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2015 Product sales $ 107,825 $ 9,941 $ 22,816 $ 140,582 Licensing revenues 1,404 - - 1,404 Net sales $ 109,229 $ 9,941 $ 22,816 $ 141,986 Earnings from operations $ 7,004 $ 761 $ 1,353 $ 9,118 2014 Product sales $ 100,167 $ 10,482 $ 25,847 $ 136,496 Licensing revenues 1,296 - - 1,296 Net sales $ 101,463 $ 10,482 $ 25,847 $ 137,792 Earnings from operations $ 5,308 $ 980 $ 1,969 $ 8,257 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of the Company’s net pension expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Benefits earned during the period $ 410 $ 240 $ 821 $ 631 Interest cost on projected benefit obligation 674 630 1,347 1,292 Expected return on plan assets (592) (598) (1,184) (1,171) Net amortization and deferral 445 156 890 354 Net pension expense $ 937 $ 428 $ 1,874 $ 1,106 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes the Company’s stock option activity for the six month period ended June 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2014 1,355,416 $ 25.36 Exercised (130,491) $ 19.26 Forfeited or expired (10,000) $ 26.72 Outstanding at June 30, 2015 1,214,925 $ 26.01 3.7 $ 4,633,000 Exercisable at June 30, 2015 472,018 $ 24.86 2.4 $ 2,339,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on June 30, 2015, the last trading day of the quarter, of $ 29.82 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Total intrinsic value of stock options exercised $ 101 $ 59 $ 1,158 $ 96 Cash received from stock option exercises $ 363 $ 443 $ 2,512 $ 608 Income tax benefit from the exercise of stock options $ 39 $ 24 $ 451 $ 37 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2015: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2014 54,050 $ 26.58 Issued - - Vested - - Forfeited - - Non-vested at June 30, 2015 54,050 $ 26.58 2.4 $ 1,612,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on June 30, 2015, the last trading day of the quarter, of $ 29.82 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Comprehensive income for the three and six months ended June 30, 2015 and 2014, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Net earnings $ 2,085 $ 2,501 $ 5,677 $ 5,751 Foreign currency translation adjustments 97 546 (1,500) 630 Pension liability, net of tax of $173, $61, $347, and $138, respectively 272 96 543 216 Total comprehensive income $ 2,454 $ 3,143 $ 4,720 $ 6,597 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2015 2014 (Dollars in thousands) Foreign currency translation adjustments $ (4,106) $ (2,894) Pension liability, net of tax (14,593) (15,136) Total accumulated other comprehensive loss $ (18,699) $ (18,030) |
Changes In Accumulated Other Comprehensive Loss [Table Text Block] | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2015: Foreign Currency Translation Defined Benefit Pension Items Total Beginning balance, December 31, 2014 $ (2,894) $ (15,136) $ (18,030) Other comprehensive loss before reclassifications (1,212) - (1,212) Amounts reclassified from accumulated other comprehensive loss - 543 543 Net current period other comprehensive (loss) income (1,212) 543 (669) Ending balance, June 30, 2015 $ (4,106) $ (14,593) $ (18,699) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the six months ended June 30, 2015: Amounts reclassified from accumulated other Affected line item in the statement where net Amortization of defined benefit pension items Prior service cost $ (56) (1) Actuarial losses 946 (1) Total before tax 890 Tax benefit (347) Net of tax $ 543 (1) These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | A reconciliation of the Company’s equity for the six months ended June 30, 2015, is as follows: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest (Dollars in thousands) Balance, December 31, 2014 $ 10,821 $ 37,966 $ 160,179 $ (18,030) $ 7,018 Net earnings - - 5,673 - 4 Foreign currency translation adjustments - - - (1,212) (288) Pension liability adjustment, net of tax - - - 543 - Cash dividends declared - - (4,231) - - Stock options exercised 130 2,382 - - - Stock-based compensation expense - 721 - - - Income tax benefit from stock options exercised - 451 - - - Shares purchased and retired (85) - (2,336) - - Balance, June 30, 2015 $ 10,866 $ 41,520 $ 159,285 $ (18,699) $ 6,734 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Net earnings attributable to Weyco Group, Inc. | $ 2,040 | $ 2,207 | $ 5,673 | $ 5,412 |
Denominator: | ||||
Basic weighted average shares outstanding (in shares) | 10,801 | 10,822 | 10,785 | 10,827 |
Effect of dilutive securities: | ||||
Employee stock-based awards (in shares) | 91 | 85 | 95 | 92 |
Diluted weighted average shares outstanding (in shares) | 10,892 | 10,907 | 10,880 | 10,919 |
Basic earnings per share (in dollars per share) | $ 0.19 | $ 0.2 | $ 0.53 | $ 0.5 |
Diluted earnings per share (in dollars per share) | $ 0.19 | $ 0.2 | $ 0.52 | $ 0.5 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 647,450 | 330,200 | 650,060 | 330,200 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $ 27.76 | $ 28.50 | $ 27.76 | $ 28.50 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $ 5,110 | $ 5,914 |
Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 5,110 | 5,914 |
Amortized Cost, Due from one through five years | 12,408 | 14,398 |
Amortized Cost, Due from six through ten years | 7,937 | 9,337 |
Amortized Cost, Due from eleven through twenty years | 1,398 | 805 |
Amortized Cost, Total | 26,853 | 30,454 |
Market Value, Current | 5,684 | 6,006 |
Market Value, Due from one through five years | 12,539 | 15,204 |
Market Value, Due from six through ten years | 8,163 | 9,711 |
Market Value, Due from eleven through twenty years | 1,343 | 762 |
Market Value, Total | $ 27,729 | $ 31,683 |
Investments (Details 1)
Investments (Details 1) - Municipal Bonds [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | ||
Unrealized Gains | $ 932 | $ 1,279 |
Unrealized Losses | $ (56) | $ (50) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | $ 45,860 | $ 45,860 |
Accumulated Amortization | 0 | 0 |
Net | 45,860 | 45,860 |
Amortizable intangible assets: | ||
Gross Carrying Amount | 3,700 | 3,700 |
Accumulated Amortization | (1,184) | (1,047) |
Net | 2,516 | 2,653 |
Goodwill [Member] | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 11,112 | 11,112 |
Accumulated Amortization | 0 | 0 |
Net | 11,112 | 11,112 |
Trademarks [Member] | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 34,748 | 34,748 |
Accumulated Amortization | 0 | 0 |
Net | $ 34,748 | $ 34,748 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 5 years | 5 years |
Gross Carrying Amount | $ 200 | $ 200 |
Accumulated Amortization | (173) | (153) |
Net | $ 27 | $ 47 |
Customer Relationships [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 15 years | 15 years |
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (1,011) | (894) |
Net | $ 2,489 | $ 2,606 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Product sales | $ 63,225 | $ 62,216 | $ 140,582 | $ 136,496 |
Licensing revenues | 709 | 647 | 1,404 | 1,296 |
Net sales | 63,934 | 62,863 | 141,986 | 137,792 |
Earnings from operations | 3,332 | 3,387 | 9,118 | 8,257 |
Wholesale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product sales | 47,377 | 44,106 | 107,825 | 100,167 |
Licensing revenues | 709 | 647 | 1,404 | 1,296 |
Net sales | 48,086 | 44,753 | 109,229 | 101,463 |
Earnings from operations | 2,193 | 1,739 | 7,004 | 5,308 |
Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product sales | 5,021 | 5,276 | 9,941 | 10,482 |
Licensing revenues | 0 | 0 | 0 | 0 |
Net sales | 5,021 | 5,276 | 9,941 | 10,482 |
Earnings from operations | 489 | 563 | 761 | 980 |
Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product sales | 10,827 | 12,834 | 22,816 | 25,847 |
Licensing revenues | 0 | 0 | 0 | 0 |
Net sales | 10,827 | 12,834 | 22,816 | 25,847 |
Earnings from operations | $ 650 | $ 1,085 | $ 1,353 | $ 1,969 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefits earned during the period | $ 410 | $ 240 | $ 821 | $ 631 |
Interest cost on projected benefit obligation | 674 | 630 | 1,347 | 1,292 |
Expected return on plan assets | (592) | (598) | (1,184) | (1,171) |
Net amortization and deferral | 445 | 156 | 890 | 354 |
Net pension expense | $ 937 | $ 428 | $ 1,874 | $ 1,106 |
Stock-Based Compensation Plan32
Stock-Based Compensation Plans (Details) - Jun. 30, 2015 - Employee Stock Option [Member] - USD ($) | Total | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at December 31, 2014 | 1,355,416 | |
Shares, Exercised | (130,491) | |
Shares, Forfeited or expired | (10,000) | |
Shares, Outstanding at June 30, 2015 | 1,214,925 | |
Shares, Exercisable at June 30, 2015 | 472,018 | |
Weighted Average Exercise Price, Outstanding at December 31, 2014 | $ 25.36 | |
Weighted Average Exercise Price, Exercised | 19.26 | |
Weighted Average Exercise Price, Forfeited or expired | 26.72 | |
Weighted Average Exercise Price, Outstanding at June 30, 2015 | 26.01 | |
Weighted Average Exercise Price, Exercisable at June 30, 2015 | $ 24.86 | |
Weighted Average Remaining Contractual Term (Years), Outstanding - June 30, 2015 | 3 years 8 months 12 days | |
Weighted Average Remaining Contractual Term (Years), Exercisable - June 30, 2015 | 2 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding at June 30, 2015 | [1] | $ 4,633,000 |
Aggregate Intrinsic Value, Exercisable at June 30, 2015 | [1] | $ 2,339,000 |
[1] | The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on June 30, 2015, the last trading day of the quarter, of $29.82 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
Stock-Based Compensation Plan33
Stock-Based Compensation Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of stock options exercised | $ 101 | $ 59 | $ 1,158 | $ 96 |
Cash received from stock option exercises | 363 | 443 | 2,512 | 608 |
Income tax benefit from the exercise of stock options | $ 39 | $ 24 | $ 451 | $ 37 |
Stock-Based Compensation Plan34
Stock-Based Compensation Plans (Details 2) - Jun. 30, 2015 - Restricted Stock [Member] - USD ($) | Total | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of Restricted Stock, Non-vested at December 31, 2014 | 54,050 | |
Shares of Restricted Stock, Issued | 0 | |
Shares of Restricted Stock, Vested | 0 | |
Shares of Restricted Stock, Forfeited | 0 | |
Shares of Restricted Stock, Non-vested at June 30, 2015 | 54,050 | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2014 | $ 26.58 | |
Weighted Average Grant Date Fair Value, Issued | 0 | |
Weighted Average Grant Date Fair Value, Vested | 0 | |
Weighted Average Grant Date Fair Value, Forfeited | 0 | |
Weighted Average Grant Date Fair Value, Non-vested at June 30, 2015 | $ 26.58 | |
Weighted Average Remaining Contractual Term (Years), Non-vested at June 30, 2015 | 2 years 4 months 24 days | |
Aggregate Intrinsic Value (in dollars), Non-vested at June 30, 2015 | [1] | $ 1,612,000 |
[1] | The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on June 30, 2015, the last trading day of the quarter, of $29.82 multiplied by the number of non-vested restricted shares outstanding. |
Stock-Based Compensation Plan35
Stock-Based Compensation Plans (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 361,000 | $ 338,000 | $ 721,000 | $ 676,000 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Price | $ 29.82 | $ 29.82 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Price | $ 29.82 | $ 29.82 |
Short-Term Borrowings (Details
Short-Term Borrowings (Details Textual) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Short-term Debt [Line Items] | |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 18.1 |
Debt Instrument, Interest Rate at Period End | 0.94% |
Long-term Line of Credit | $ 18.1 |
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.75% |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Amount, Total | $ 60 |
Line of Credit Facility, Expiration Date | Nov. 5, 2015 |
Contingent Consideration (Detai
Contingent Consideration (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2013 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Description | Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (Bogs) related to the Companys acquisition of Bogs in 2011. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. | |
Payment Of Contingent Consideration | $ 1,270,000 | |
Second Contingent Payment [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 5,700,000 |
Financial Instruments (DetailsT
Financial Instruments (DetailsTextual) - Jun. 30, 2015 CAD in Millions, AUD in Millions, $ in Millions | USD ($) | CAD | AUD |
Forward Exchange Contracts, Australian [Member] | |||
Financial Instruments [Line Items] | |||
Forward Exchange Contracts Outstanding | $ 3.6 | AUD 4.5 | |
Forward Exchange Contracts, Canadian [Member] | |||
Financial Instruments [Line Items] | |||
Forward Exchange Contracts Outstanding | $ 5.5 | CAD 6.5 |
Comprehensive Income (Details)
Comprehensive Income (Details) - Equity Component [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net earnings | $ 2,085 | $ 2,501 | $ 5,677 | $ 5,751 |
Foreign currency translation adjustments | 97 | 546 | (1,500) | 630 |
Pension liability, net of tax of $173, $61, $347, and $138, respectively | 272 | 96 | 543 | 216 |
Total comprehensive income | $ 2,454 | $ 3,143 | $ 4,720 | $ 6,597 |
Comprehensive Income (Details 1
Comprehensive Income (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Foreign currency translation adjustments | $ (4,106) | $ (2,894) |
Pension liability, net of tax | (14,593) | (15,136) |
Total accumulated other comprehensive loss | $ (18,699) | $ (18,030) |
Comprehensive Income (Details 2
Comprehensive Income (Details 2) - Equity Component [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Translation Adjustments, Beginning balance, December 31, 2014 | $ (2,894) | |||
Foreign Currency Translation Adjustments, Other comprehensive loss before reclassifications | (1,212) | |||
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income | (1,212) | |||
Foreign Currency Translation Adjustments, Ending balance, June 30, 2015 | $ (4,106) | (4,106) | ||
Defined Benefit Pension Items, Beginning balance, December 31, 2014 | (15,136) | |||
Defined Benefit Pension Items, Other comprehensive loss before reclassifications | 0 | |||
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 272 | $ 96 | 543 | $ 216 |
Defined Benefit Pension Items, Net current period other comprehensive (loss) income | 543 | |||
Defined Benefit Pension Items, Ending balance, June 30, 2015 | (14,593) | (14,593) | ||
Beginning balance, December 31, 2014 | (18,030) | |||
Other comprehensive loss before reclassifications | (1,212) | |||
Amounts reclassified from accumulated other comprehensive loss | 543 | |||
Net current period other comprehensive (loss) income | (669) | |||
Ending balance, June 30, 2015 | $ (18,699) | $ (18,699) |
Comprehensive Income (Details 3
Comprehensive Income (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Amortization of defined benefit pension items | |||||
Amortization of defined benefit pension items, Prior service cost | [1] | $ (56) | |||
Amortization of defined benefit pension items, Actuarial losses | [1] | 946 | |||
Amortization of defined benefit pension items, Total before tax | 890 | ||||
Amortization of defined benefit pension items, Tax benefit | (347) | ||||
Amortization of defined benefit pension items, Net of tax | $ 272 | $ 96 | $ 543 | $ 216 | |
[1] | These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. |
Comprehensive Income (Details T
Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 173 | $ 61 | $ 347 | $ 138 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2014 | $ 197,954 | |||
Net earnings | $ 2,085 | $ 2,501 | 5,677 | $ 5,751 |
Foreign currency translation adjustments | 97 | $ 546 | (1,500) | $ 630 |
Pension liability adjustment, net of tax | 543 | |||
Balance, June 30, 2015 | 199,706 | 199,706 | ||
Common Stock [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2014 | 10,821 | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Stock options exercised | 130 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | (85) | |||
Balance, June 30, 2015 | 10,866 | 10,866 | ||
Capital in Excess of Par Value [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2014 | 37,966 | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Stock options exercised | 2,382 | |||
Stock-based compensation expense | 721 | |||
Income tax benefit from stock options exercised | 451 | |||
Shares purchased and retired | 0 | |||
Balance, June 30, 2015 | 41,520 | 41,520 | ||
Reinvested Earnings [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2014 | 160,179 | |||
Net earnings | 5,673 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | (4,231) | |||
Stock options exercised | 0 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | (2,336) | |||
Balance, June 30, 2015 | 159,285 | 159,285 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2014 | (18,030) | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | (1,212) | |||
Pension liability adjustment, net of tax | 543 | |||
Cash dividends declared | 0 | |||
Stock options exercised | 0 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | 0 | |||
Balance, June 30, 2015 | (18,699) | (18,699) | ||
Noncontrolling Interest [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2014 | 7,018 | |||
Net earnings | 4 | |||
Foreign currency translation adjustments | (288) | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Stock options exercised | 0 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | 0 | |||
Balance, June 30, 2015 | $ 6,734 | $ 6,734 |